Caesars Shows Its Cards With William Hill Offer
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A change in ownership could be in the cards for U.K. gambling giant William Hill.
Caesars Entertainment and private equity firm Apollo Global have both approached the U.K. bookmaker with takeover proposals.
As of early this morning, the odds appear to be shifting in Caesars' favor.
This Bookie Is No Rookie
William Hill has been taking action from punters (British-speak for gamblers) since it was founded in 1934 as a postal and telephone betting service.
It became one of the earliest companies to open betting shops in the U.K. when they were legalized in 1961. At its peak in the 1970s, William Hill operated more than 14,000 shops.
As U.S. gambling laws have loosened in recent years, William Hill has expanded its stateside operations. William Hill has an existing partnership with Caesars to offer sports betting in its 54 casinos in exchange for a 20% stake.
The Latest: Early this morning Caesars said it was in "advanced talks" to acquire William Hill in a deal valued at £2.9bn. Caesars threatened that if Apollo should ultimately prevail, it would cut its joint venture with William Hill.
Source Fool.com
